Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2019 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 1716 - RAJASTHAN HIGH COURTMoney Laundering - confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto - whether after amendment of Section 45 of the Act and deletion of Sub-section "(a) every offence punishable under this act shall be cognizable", the offences under the Act have become non-cognizable? HELD THAT:- From the investigation done by the Enforcement Directorate, it is revealed that the petitioners in connivance with Syndicate Bank's Officials opened two current accounts in the name of World Trade Park Ltd. for receiving the tainted money of Bharat Bomb and instead of depositing in the sale proceed in the escrow accounts, as per the terms and conditions of finance, got the amount deposited in the current account opened at Syndicate Bank. It is also revealed from the investigation that the sale consideration of the property sold to Bharat Bomb and his associates was shown as ₹ 37.9/- crores to the banks, whereas, actual sale consideration was ₹ 78.99/- crores. The total sale consideration received by the petitioners and his companies i.e. M/S World Trade Park Ltd., M/S R.F. Trading and Properties and M/S Sincere Infrastructure Pvt. Ltd. was more than ₹ 160/- crores, whereas, the sale consideration was ₹ 78.99/- crores. It is also revealed from the investigation that even after execution of the last sale deed in August, 2015, 27 crores was received by the petitioners. The amount received was the tainted money of Bharat Bomb. It is also revealed from the investigation that the persons who have appeared on behalf of the firms for getting the properties registered have categorically stated that they have no concern with the properties and firms in which they are shown as partners, the properties actually belong to Bharat Bomb. From investigation done by the Enforcement Directorate, it is also revealed that petitioners opened two accounts and had transferred amount directly to those accounts and had thus utilized the proceeds of crime and offence under the Money Laundering Act is made out. The writ petitions are dismissed with cost of ₹ 50,000/-.
|